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Federated Municipal High Yield Adv Instl

The investment seeks to provide a high level of current income which is generally exempt from the federal regular income tax.
The fund pursues its objective by investing its assets so that, normally (except as discussed herein), distributions of annual interest income are exempt from federal regular income tax (except when investing for "defensive" purposes). It invests at least a majority of the fund's assets in a portfolio of: (1) long-term, tax-exempt securities; and (2) medium-quality or noninvestment-grade, tax-exempt securities. The fund is non-diversified.